Union Power Minister launches Green Term Ahead Market (GTAM) in electricity through video conferencing; this market is first Exclusive product for renewable energy sector in the world...
As a first step towards Greening the Indian short term power Market, Shri R. K. Singh, the Minister of State (IC) Power and New & Renewable Energy & Minister of State (Skill Development and Entrepreneurship), launched pan-India Green Term Ahead Market (GTAM) in electricity through video conference in New Delhi, today, the 1st September 2020.
While speaking after the launch Shri Singh said, “The introduction of GTAM platform would lessen the burden on RE-rich States and incentivize them to develop RE capacity beyond their own RPO. This would promote RE merchant capacity addition and help in achieving RE capacity addition targets of the country.” He further added that GTAM platform will lead to increase in number of participants in renewable energy sector. It will benefit buyers of RE through competitive prices and transparent and flexible procurement. It will also benefit RE sellers by providing access to pan- India market
GTAM to benefit buyers of RE through competitive prices and transparent and flexible procurement; Sellers will also be benefitted by getting access to Pan India Market
The Government of India’s target of 175 GW RE Capacity by 2022 is driving accelerated renewable penetration pan-India. Green Term Ahead Market contracts will allow additional avenues to the RE generators for sale of renewable energy; enable Obligated entities to procure renewable power at competitive prices to meet their Renewable Purchase Obligations (RPO); and provide a platform to environmentally conscious open access consumers and utilities to buy green power.
Key features of GTAM:
a. Green Intraday Contract & Day Ahead Contingency Contract – Bidding will take place on a 15-minute time-block wise MW basis.
b. Daily & Weekly Contracts – Bidding will take place on MWh basis. Both buyers and sellers can submit the bid, however the seller will provide profile in terms of 15-minute time block wise quantity (MW) along with the price (Rs/MWh). After the contract gets executed scheduling will take place as per the profile. In case of multiple buyers, the profile will get allocated on a pro-rata basis.
Union Power Minister also mentioned that other products to be introduced in power market for promotion of Renewable Energy are in the pipeline and would be introduced soon.